A feature I’ve been paying more attention to on TermMax is the way it handles rate discovery.
After going through the markets, I found the curator model more interesting than I initially expected. TermMax allows curators to set custom AMM curves for a market, so the rate can change with liquidity depth instead of every lender simply receiving one flat rate. Multiple curator curves can also be aggregated into the same market.
That changes how I would read a TermMax market. I wouldn’t just compare the headline lend APR. I’d also look at how much liquidity is available around that rate and how the rate moves as more capital gets matched. In other words, the depth of the curve is part of the price.
I actually think this is one of the more interesting technical directions for fixed-rate DeFi, because it makes interest rates behave a little more like an order book while keeping the AMM structure. TermMax has also moved from its earlier orderbook/auction design toward the current AMM + range-order approach.
The part I’d like to see the TermMax team improve further is the analytics around these curves. A clearer historical view of rate vs. liquidity depth vs. actual matching would make it much easier to understand whether a quoted rate is genuinely competitive.
That’s something I’d probably check every time before entering a market. Would a historical rate-depth chart make TermMax markets easier for you to evaluate too?
@TermMax $TMX #TermMax
After going through the markets, I found the curator model more interesting than I initially expected. TermMax allows curators to set custom AMM curves for a market, so the rate can change with liquidity depth instead of every lender simply receiving one flat rate. Multiple curator curves can also be aggregated into the same market.
That changes how I would read a TermMax market. I wouldn’t just compare the headline lend APR. I’d also look at how much liquidity is available around that rate and how the rate moves as more capital gets matched. In other words, the depth of the curve is part of the price.
I actually think this is one of the more interesting technical directions for fixed-rate DeFi, because it makes interest rates behave a little more like an order book while keeping the AMM structure. TermMax has also moved from its earlier orderbook/auction design toward the current AMM + range-order approach.
The part I’d like to see the TermMax team improve further is the analytics around these curves. A clearer historical view of rate vs. liquidity depth vs. actual matching would make it much easier to understand whether a quoted rate is genuinely competitive.
That’s something I’d probably check every time before entering a market. Would a historical rate-depth chart make TermMax markets easier for you to evaluate too?
@TermMax $TMX #TermMax